New research provides insights into small business

Applause for small business
A round of applause to all you small business owners

This year I coordinated the Vodafone SMB Index, a national survey of over 1,000 Australian small-to-medium business (SMB) owners, which produced some interesting and encouraging insights into small businesses in Australia.

The Index found that Australia is a nation of ambitious entrepreneurs and successful young start-ups (most Australian entrepreneurs are small business owners).

It also showed that:

[blockquote text=”Australian SMB owners believe in their own ability to succeed and to rise above government, spending habits and the economy. In fact, they are more optimistic about their own business (72.1%) than they are about the economy (27.9%).
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Let me stroke your egos for a while, because:

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  • You are showing big businesses how it is done by making good profits (over 20% of small-to-medium business owners in Australia record an annual revenue of $1million or more) without using the same amount of resources as big businesses.
  • According to the Index, 70% of SMB owners are achieving their goals of flexible working hours by working an average of 38.1 hours a week.
  • Australian women are defying expectations and are tipping the scales by representing more than half of SMB owners (51%).
  • Approximately 30% of SMB owners are under 34 years of age.

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Australians feeling trapped or unsatisfied working for larger businesses can be jealous of small-to-medium business owners with the majority of you saying you feel independent (78.7%) and in control of your business (74.5%) as you can manage your own time (37.2%), enjoy a balanced life (72.8%), do things the way you want to (41.5%) and are seeing your business going according to plan and achieving the right outcomes.

Now don’t you feel a little bit better about those challenges in your small business?

You can be more confident knowing that you are one of many small businesses in Australia. Many small businesses are setting the standard for growing, successful businesses that facilitate the lifestyle that can’t always be achieved in bigger businesses.

I’d love to hear from you:

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  • How optimistic are you about your business?
  • Do you prefer running a small business to working in a large-to-medium size business?
  • What do you think you need to do for your business to achieve more of the right outcomes?

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